Financing Activity (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule Of Credit Facility Interest Expense and Deferred Financing Fee Amortization

Interest expense and deferred financing fee amortization related to the Credit Agreements for the three months ended March 31, 2023 and 2022 were as follows:

	Three Months Ended March 31,
(in thousands of dollars)	2023		2022
Revolving Facilities:
Interest expense (1)	$	461	$	541
Deferred financing amortization		57		299
Term Loans:
Interest expense (2)	$	27,549	$	20,448
Deferred financing amortization		424		1,784

(1)All of the expense applied to the First Lien Revolving Facility.

(2)All of the expense applied to the Term Loans, of which $20.5 million and $12.5 million, for the three months ended March 31, 2023 and March 31, 2022, respectively, was for the Second Lien Term Loan Facility and was not paid in cash, but capitalized to the principal balance of the loan.

Carrying and Fair Values of Mortgage Loans

The estimated fair values of our consolidated mortgage loans based on year-end interest rates and market conditions at March 31, 2023 and December 31, 2022 were as follows:

	March 31, 2023				December 31, 2022
(in millions of dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
Mortgage loans(1)	$	741.9	$	735.4	$	751.5	$	733.7

(1) The carrying value of mortgage loans excludes unamortized debt issuance costs of $1.7 million and $2.1 million as of March 31, 2023 and December 31, 2022, respectively.

Timing of Principal Payments and Terms of Mortgage Loans

The following table outlines the timing of principal payments and balloon payments pursuant to the terms of our consolidated mortgage loans of our consolidated properties as of March 31, 2023:

(in thousands of dollars)	Principal Amortization		Balloon Payments		Total
April 1 through December 31, 2023 (1)	$	6,438	$	394,315	$	400,753
2024		6,405		118,994		125,399
2025		4,406		211,346		215,752
2026		—		—		—
2027 and thereafter		—		—		—
Total principal payments	$	17,249	$	724,655		741,904
Less: Unamortized debt issuance costs						1,737
Carrying value of mortgage notes payable					$	740,167

(1) Includes Cherry Hill Mall mortgage for which, subsequent to March 31, 2023, the maturity was extended through December 1, 2023.